Uh oh...Jay Peak owner pulls a fast one on EB-5 investors
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Hanlon's razor applies here, "Never attribute to malice that which can be adequately explained by stupidity". Did those with oversight responsibility financially benefit from their poor judgement? My guess is not. With the benefit of 20-20 hindsight, it is easy to see it was a Ponzi scheme, but it also easy to be blind to it until it was pointed out. Another aphorism applies here as well: if you shoot the king you better not miss. Quiros was a big deal, bringing growth and development to the NE kingdom. I suspect those in power were reluctant to ask too many questions as long as things went smoothly. He won't get let off the hook: his biggest crime was getting caught, making it more difficult for other swindlers. They'll make an example of him, and everyone will go back to their head in the sand complacency.
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Decent historical perspective of the wide-ranging impact.
.. mIles to go before this sleeps ..
https://www.bostonglobe.com/magazine/20 ... story.html
.. mIles to go before this sleeps ..
https://www.bostonglobe.com/magazine/20 ... story.html
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
JAY, Vt. (AP) - A Vermont ski resort owner is suing his insurer in federal court for more than $2 million to fund his legal defense against fraud accusations brought by the Securities and Exchange Commission.
Jay Peak owner Ariel Quiros and former president Bill Stenger were accused by Vermont and the SEC of misusing $200 million raised from foreign investors for developments through a special visa program. Quiros is also accused of improperly diverting $50 million for personal use.
Stenger settled his case with the SEC.
The Caledonian Record reports Quiros filed a lawsuit last week in Miami against Ironshore Indemnity.
The suit says Ironshore is contractually obligated to advance his defense costs and that it breached its contract by failing to do so.
Ironshore couldn't immediately be reached for comment.
Jay Peak owner Ariel Quiros and former president Bill Stenger were accused by Vermont and the SEC of misusing $200 million raised from foreign investors for developments through a special visa program. Quiros is also accused of improperly diverting $50 million for personal use.
Stenger settled his case with the SEC.
The Caledonian Record reports Quiros filed a lawsuit last week in Miami against Ironshore Indemnity.
The suit says Ironshore is contractually obligated to advance his defense costs and that it breached its contract by failing to do so.
Ironshore couldn't immediately be reached for comment.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Mount Snow gets $52 million in EB-5 funds for new projects
http://vermontbiz.com/news/december/mou ... -286323177" onclick="window.open(this.href);return false;
Jay Peak receiver, et al, to get back pay of nearly $2 million
http://vermontbiz.com/news/december/jay ... -286323177" onclick="window.open(this.href);return false;
EB-5 program extended, leaving reforms in question
https://vtdigger.org/2016/12/13/eb-5-pr ... -286323177" onclick="window.open(this.href);return false;
Judge rejects Quiros’ bid to toss state case
https://vtdigger.org/2016/12/13/judge-r ... -286323177" onclick="window.open(this.href);return false;
http://vermontbiz.com/news/december/mou ... -286323177" onclick="window.open(this.href);return false;
Jay Peak receiver, et al, to get back pay of nearly $2 million
http://vermontbiz.com/news/december/jay ... -286323177" onclick="window.open(this.href);return false;
EB-5 program extended, leaving reforms in question
https://vtdigger.org/2016/12/13/eb-5-pr ... -286323177" onclick="window.open(this.href);return false;
Judge rejects Quiros’ bid to toss state case
https://vtdigger.org/2016/12/13/judge-r ... -286323177" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Quiros must have consulted the President Elect for legal advice while he was living there.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Receiver: Don’t delay suit against Quiros and financial firm
https://vtdigger.org/2016/12/20/receive ... -286323177" onclick="window.open(this.href);return false;
Change of banks clears way for Jay Peak’s sewage facility use
The move was needed after NBT Bank said it wouldn’t renew a letter of credit following investor fraud lawsuits filed against Jay Peak owner Ariel Quiros and Bill Stenger, its former CEO.
https://vtdigger.org/2016/12/21/change- ... -286323177" onclick="window.open(this.href);return false;
https://vtdigger.org/2016/12/20/receive ... -286323177" onclick="window.open(this.href);return false;
Change of banks clears way for Jay Peak’s sewage facility use
The move was needed after NBT Bank said it wouldn’t renew a letter of credit following investor fraud lawsuits filed against Jay Peak owner Ariel Quiros and Bill Stenger, its former CEO.
https://vtdigger.org/2016/12/21/change- ... -286323177" onclick="window.open(this.href);return false;
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Stenger acts as own lawyer, denies class-action claims
https://vtdigger.org/2016/12/23/stenger ... -286323177" onclick="window.open(this.href);return false;
https://vtdigger.org/2016/12/23/stenger ... -286323177" onclick="window.open(this.href);return false;
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe
Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Bubba wrote:Stenger acts as own lawyer, denies class-action claims
https://vtdigger.org/2016/12/23/stenger ... -286323177" onclick="window.open(this.href);return false;
Stenger earlier this year settled an investor fraud lawsuit filed against him by the U.S. Securities and Exchange Commission, neither admitting or denying the allegations.
Isn't that nice.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Yet .. Still no Tramway !
They say 'maybe' tomorrow.. Santa dependencies
Good thing that water park is operational.
They say 'maybe' tomorrow.. Santa dependencies
Good thing that water park is operational.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
https://vtdigger.org/2016/12/23/jay-pea ... -405602665brownman wrote:Yet .. Still no Tramway !
They say 'maybe' tomorrow.. Santa dependencies
Good thing that water park is operational.
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Quiros denies SEC allegations, any knowledge of fraud
http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;
http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
I really really hope that there are criminal investigations ongoing.Bubba wrote:Quiros denies SEC allegations, any knowledge of fraud
http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Quiros and Stenger should both be locked up! Scumbags.....SnoBrdr wrote:I really really hope that there are criminal investigations ongoing.Bubba wrote:Quiros denies SEC allegations, any knowledge of fraud
http://www.burlingtonfreepress.com/stor ... /95912174/" onclick="window.open(this.href);return false;
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Judge OK’s payment option for unpaid EB-5 contractors, subcontractors
Jan. 5, 2017, 5:23 am by Alan Keays
https://vtdigger.org/2017/01/05/judge-o ... -286323177" onclick="window.open(this.href);return false;
Jan. 5, 2017, 5:23 am by Alan Keays
https://vtdigger.org/2017/01/05/judge-o ... -286323177" onclick="window.open(this.href);return false;
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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Killington Zone
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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Re: Uh oh...Jay Peak owner pulls a fast one on EB-5 investor
Settlements in EB-5 case leave Quiros standing alone
Jan. 8, 2017,by Alan Keays
https://vtdigger.org/2017/01/08/settlem ... -286323177" onclick="window.open(this.href);return false;
Jan. 8, 2017,by Alan Keays
https://vtdigger.org/2017/01/08/settlem ... -286323177" onclick="window.open(this.href);return false;
"Abandon hope all ye who enter here"
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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Killington Zone
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"The test of a first-rate intelligence is the ability to hold two opposed ideas in mind at the same time and still retain the ability to function" =
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"There's nothing more frightening than ignorance in action" - Johann Wolfgang von Goethe